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The production of natural gas hydrates will change the cementation strength, porosity, and effective stress in the stratum, which may lead to engineering and geological disasters. Sand production is a phenomenon where sand particles are carried out of the reservoir along with fluids during gas extraction, posing challenges to safe and sustainable production. This study explored the mechanism of fine particle migration in multiphase flow by a microscopic visualization test device. The device can inject a gas–liquid–solid phase at the same time and allow real-time observation. Experimental tests on fine particle migration of single- and two-phase fluid flow were carried out considering different conditions, i.e., fine particle concentration, fine particle size, fluid flow rate, and gas–liquid ratio. The results show that in single-phase fluid flow, the original gas will gradually dissolve in the liquid phase, and finally stay in the test device as bubbles, which can change the pore structures, resulting in the accumulation of fine particles at the gas–liquid interface. In two-phase fluid flow with mixed gas–water fluids, there are two flow modes of gas–liquid flow: mixed flow and separated flow. The interfacial tension at the gas–liquid interface can effectively migrate fine particles when the gas–liquid flows alternately and the sand production rate further increases as the gas–liquid ratio increases. In addition, changes in the concentration of fine particles, particle size, fluid flow rate, and the gas–liquid ratio will affect the migration of fine particles, leading to differences in the final sand production.